SC allows Sahara chief Subrata Roy to go abroad
2 Nov 2013 11:39 PM GMT
In a surprising turn of events, the Supreme Court on Friday allowed Sahara chief Subrata Roy to go abroad and modified its earlier order restraining him from leaving the country till the group hands over title deeds of Rs 20,000 crore to the Securities and Exchange Board of India (Sebi). A bench of justices K S Radhakrishnan and J S Khehar considered the application of the group seeking modification in the order in chamber. Roy's counsel and senior advocate C A Sundaram, who was present in the chamber, said after comming out that the bench had accepted the plea for allowing Roy to abroad.
Sahara had moved to the apex court on 29 October, claiming that there was a mistake in its 28 October order restraining Roy from leaving the country till it hands over title deeds of its properties to Sebi. It had submitted that there was difference in the decision which was uploaded on the Supreme Court website and the order passed in the open court.
Holding that it was playing ‘hide and seek’ and cannot be trusted any more, the court had directed Sahara to hand over title deeds of its properties to Sebi. Making it clear that there is no ‘escape’ from depositing the investors' money with the market regulator, the apex court had asked Sahara to also give valuation reports of properties to Sebi which will verify the worth of assets.
Sahara had moved to the apex court on 29 October, claiming that there was a mistake in its 28 October order restraining Roy from leaving the country till it hands over title deeds of its properties to Sebi. It had submitted that there was difference in the decision which was uploaded on the Supreme Court website and the order passed in the open court.
Holding that it was playing ‘hide and seek’ and cannot be trusted any more, the court had directed Sahara to hand over title deeds of its properties to Sebi. Making it clear that there is no ‘escape’ from depositing the investors' money with the market regulator, the apex court had asked Sahara to also give valuation reports of properties to Sebi which will verify the worth of assets.
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